HighTower picks up Merrill advisers with $800 million

HighTower has added the 44th team to its partnership as it continues to boost recruiting following the announcement it received a $100 million line of credit in July.
After adding a $400 million independent firm in Seattle, Wash., last month, the firm said Monday it had picked up three former Merrill Lynch advisers who previously managed some $800 million in assets.
The three, which operated as part of separate teams at Merrill Lynch, will now operate as a single practice under the name HighTower Fort Myers. The team consists of Pamela Lynn Abraham, Jack E. Thomas and Trevor R. Swartz, all joining as partners.
(Related: See all the latest HighTower hires from the Advisers on the Move database)
Partners operate as W-2 employees of HighTower and receive an upfront bonus in addition to equity stake in the firm.
They are joined by another adviser, Mathew Cerrengia, who will operate as a director and senior wealth management adviser.
Ms. Abraham had previously been with Merrill Lynch for more than three decades. Mr. Thomas and Mr. Swartz had led Merrill Lynch’s Thomas & Swartz global wealth management group.
Ms. Abraham said in a statement that she joined HighTower because she wanted “a firm where everyone is dedicated solely to acting in the best interests of clients.”
A Merrill Lynch spokeswoman, Ana Katherine Sollitto, confirmed the moves but declined to comment further.